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Small Business Law: Single Member LLCs and Quarterly Taxes

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The world of owning a small business is a rewarding but challenging undertaking. Creating, managing, and growing a business takes time and dedication, often at the expense of proper tax structuring and compliance. 

Confusion with the arcane topic of taxation is natural but, as a single member LLC, the requirment to or exemption from payment of quarterly taxes are especially quirky. The Internal Revenue Service ("IRS") requires the payment of quarterly taxes since you are paying self-employment tax on income received through your single member LLC, unless the LLC elected to be treated as an S-Corp or C-Corp.

In simple terms, for single-member LLCs electing to be taxed as sole proprietorships, if at the end of the year the anticipated taxes to be paid are $1,000 or more, you will need to make estimated taxes. An exception is if your withholdings and tax credits are equal to your prior year's tax. In this case, you do not need to make estimated tax payments to the federal government.

Quarterly estimated tax payments are made on or by the following dates*:

  1. April 15
  2. June 15
  3. September 15
  4. January 15

*First quarterly payment date is dependent on the genesis of the LLC as well as the incurrance of estimated tax payment obligations.

For any assistance forming or struturing your single member LLC, please contact the Tax Attorneys at Fazzio Law, we are in your corner!

Category: Small Business Law

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